Canada’s job market came back to life much quicker than economists expected last month. Most of the employment losses from the nation’s lockdowns have been reversed. According to Statistics Canada, the Canadian economy added over 230,000 jobs last month, which surpassed the predications of only 175,000. The country lost 275,000 jobs over April and May as shutdowns across the economy were put in place to contain a third wave of virus cases.
The latest report is another sign of an economic boom on the horizon and shows businesses are ready to rehire workers as restrictions are continuing to lift. A Canadian rates strategists said this is the latest piece of evidence proving the economy is rebounding from the third wave. It is leaving few obstacles to another taper from the Bank of Canada. If you are looking for a new job opportunity, no matter where you are located, contact Jobs Across the World. You will be matched with the perfect job to match your qualifications.
The Canadian unemployment rate dropped from 8.2 percent to 7.8 percent and the Canadian dollar stayed close to the same. The Canadian economy has recovered 2.65 million of the three million jobs lost during the global pandemic. The labor force participation saw an increase, rising to 65.2 percent which will alleviate concerns about widespread labor shortages.